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need to remortgage - have bad credit :(
trouble-need-help
Posts: 9 Forumite
Hi all,
I currently have a mortgage of £135,000 against a house now worth £200,000.
My 3-year fixed term ends in April and I am currently fixed at 5.7%
I need to get £25,000 added to the mortgage to pay for the renovation which has already been completed on the house.
The last 12 months has been tough work-wise and the mortgage payments have bounced 3 times (although always paid within a few days after).
Is it likely that I will be able to borrow £160,000 on a house worth £200,000 after having these missed payments.
I hope someone can help advise me?
thanks in advance
I currently have a mortgage of £135,000 against a house now worth £200,000.
My 3-year fixed term ends in April and I am currently fixed at 5.7%
I need to get £25,000 added to the mortgage to pay for the renovation which has already been completed on the house.
The last 12 months has been tough work-wise and the mortgage payments have bounced 3 times (although always paid within a few days after).
Is it likely that I will be able to borrow £160,000 on a house worth £200,000 after having these missed payments.
I hope someone can help advise me?
thanks in advance
0
Comments
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You don't say how much your income is. Is it enough for a £160k mortgage - ie over 40k? Contact your lender first to see if they can offer you additional lending0
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I self-certified the original mortgage as I had only just started my company and didn't have 3 years worth of accounts.0
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If you're asking for additional borrowing, your income will have to be verified. Do you have 3 years of accounts which show you a high enough income for £160k? Otherwise additional borrowing is a non starter0
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Fat chance if you've only self-certified I'd say - it's often been used to "cheat" to get more money than was allowed - and this option is now shut down as an option to borrow.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
ouch,
do I have any options then? other than selling the house and buying a cheaper house? I have to get the £20k to pay off money borrowed from family.0 -
accounts show:
07/08: 23k
08/09: 33k
09/10: 19k0 -
trouble-need-help wrote: »ouch,
do I have any options then? other than selling the house and buying a cheaper house? I have to get the £20k to pay off money borrowed from family.
Suggest you sell and downsize.
If you've been struggling to meet your current mortgage repayments, then increasing the debt owed will compound the problem further.
What's your income prediction for 10/11?0 -
to take more money out would be madness0
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downturn in business is now over and predicting £35-£40k for 20/11 (on target first 6 months)0
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trouble-need-help wrote: »accounts show:
07/08: 23k
08/09: 33k
09/10: 19k
Please tell me they are profit figures?0
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